Accurate Accounting Services is incorporated to provide accounting services and sell office products.

Accurate Accounting Services, inc.

Trial Balance

June $01,2024$

Cash $52,000$ Debit

Accounts Receivable $40,500$ Debit

Allowance for Doubtful Accounts $1,500$ Credit

Merchandise Inventory $3,000*$ Debit

Supplies $2,400$ Debit

Equipment $34,000$ Debit

Accumulated Depreciation$/$Equipment $2,917$ Credit

Accounts Payable $20,750$ Credit

Common Stock $($$$5$ Par$)60,000$ Credit

Paid$-$in$-$Capital in Excess of Par $5,000$ Credit

Retained Earnings $41,733$ Credit

Totals

$131,900$ Debit

$131,900$ Credit

$*3,000$ units costing $$1\mathrm{.}00$ each.

$$

During the month of June $2024,$ the following $($summary$)$ transactions occurred $($Hint: That means these are not dates so just use the number of the transaction in place of the date$)$:

$1.$ Accurate paid the rent for June, $$1,200.$

$2.$ Accurate issued $900$ shares of its Common Stock for $$19,800.$

$3.$ Accurate contracted for a new business insurance policy. It will cost $$8,200$ to give coverage from June $01,2024$ to May $31,2025.$ Accurate has agreed to pay for this on a quarterly basis. They paid the first quarter of $$2,050.$

$4.$ Accurate sold an old computer that cost $$850$ for $$550.($Accumulated Depreciation associated with this computer is $$85.)$

$5.$ Accurate purchased merchandise consisting of $9,000$ units at a $$1\mathrm{.}20$ per unit on account.

$6.$ Accurate collected $$35,300$ from customers on account.

$7.$ Accurate sold merchandise for $$18,480.$ Cash Sales amounted to $$10,800.7,700$ units were sold. Accurate used a Fifo Cost Flow.

$8.$ Accurate reacquired $400$ of its Common Shares paying $$20$ per share.

$9.$ Accurate purchased supplies for $$2,200$ on account.

$10.$ Accurate paid creditors on account $$26,900.$

$11.$ Accurate received $$22,500$ for services to be performed from $6/1/-10/31/24.$

$12.$ Accurate performed services earning $$112,500.$ Of that amount, $$12,700$ was paid in Cash.

$13.$ Accurate declared the quarterly cash dividend of $$1\mathrm{.}00$ per share to be paid on July $31,2024.$

$14.$ Accurate wrote off the account of a delinquent client for $$750.$

$15.$ Accurate paid salaries and other operating expenses in the amount of $$44,925.$ Salaries amounted to $$39,200.$

$$

Instructions:

$1.$ Copy the Opening Trial Balance into your file.

$2.$ Post the Opening Balances into the General Ledger Accounts.

$3.$ Journalize the June Summary Transactions.

$4.$ Post the June Transactions. Hint: Calculate the ending Balances where needed.

$5.$ Prepare a new Trial Balance as of June $30,2024.$

$$

Adjustment Data:

A Services Performed by unbilled$--$$$2,200.$

B One month of insurance has expired.

C Supplies on hand total $$2,450.$

D Accurate estimates that $$2,300$ of the Accounts Receivable will be uncollectible.

E Record one month of depreciation on the Equipment. Accurate uses Straight$-$line. $(5$ years and $$3,000$ salvage value$)$

F Unearned Service Revenue of $$18,300$ is Not earned yet.

$$

Additional Instructions:

$6.$ Journalize the adjusting entries. $($Round all amounts to Whole Dollars.$)$

$7.$ Post the Adjusting Entries. $($Hint: Calculate new balances where needed.$)$

$8.$ Prepare an Adjusted Trial Balance as of June $30,2024.$

$9.$ Journalize the Closing Entries. Possible Account Titles for the Comprehensive Final Project by Category:

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Assets: Stockholder$$s Equity

Cash Cash Dividends

Accounts Receivable Common Stock

Notes Receivable Preferred Stock

Merchandise Inventory Restricted Stock

Supplies Treasury Stock

Prepaid Expenses Paid in Capital in Excess of Par

Prepaid Insurance Retained Earnings

Prepaid Utilities Restricted Retained Earnings

Land Stock Dividends

Buildings Revenues

Equipment Gain on Disposal

Accumulated Depreciation$/$Building Gain on Redemption

Accumulated Depreciation$/$Equipment Sales Revenue

Accumulated Depreciation$/$Land Sales Discounts

Allowance for Doubtful Accounts Sales Returns & Allowances

Liabilities: Service Returns

Accounts Payable Service Revenue

Dividends Payable

Expenses Payable Expenses:

Mortgage Payable Advertising Expense

Notes Payable Bad Debt Expense

Salaries Payable Building Expense

Unearned Service Revenue Cost of Goods Sold

Utilities Payable Depreciation Expense$/$Building

Depreciation Expense$/$Equipment

Depreciation Expense$/$Land

Freight Expense

Insurance Expense

Interest Expense

Loss on Disposal

Loss on Redemption

Operating Expense

Rent Expense

Salaries Expense

Services Expense

Supplies Expense